CORE AREA – RUSSIA
RUSSIA – KEY DATA Reserves (MMboe) Contingent resources (MMboe) Average production per day (Mboepd) Net turnover (MSEK) Sales price achieved (USD/boe) Cost of operations (USD/boe) Operating cash flow contribution (USD/boe) 2009 16.9 163.3 4.8 567.5 37.64 8.59 7.23 2008 18.6 115.0 5.0 816.3 62.85 8.52 9.82
considerable growth potential
Russia is one of Lundin Petroleum’s core areas with major focus on the Lagansky block in the Caspian where Lundin Petroleum has a 70 percent interest (WI 70%). The Lagansky Block is 2,000 square kilometres in size and is located offshore in the north Caspian area, close to major world class hydrocarbon discoveries. The Morskaya discovery was made in 2008 and contains good quality oil and has estimated contingent resources of 227 MMboe. Appraisal drilling on the Morskaya field most likely will take place in 2011. Further exploration potential A new 3D seismic acquisition programme is ongoing with 150 km2 already acquired and another 75 km2 to be acquired during 2010. Interpretation is ongoing to provide a better understanding of the nature of the remaining potential in the block. Several additional structures have been identified and resource potential is being assessed. A further exploration well will be drilled in 2011.
Lundin Petroleum has a 50 percent licence interest in three producing fields in Komi. Production comes from Devonian carbonate reservoirs. Infill drilling has successfully increased production to around 9,000 boepd gross. Infill drilling will continue in 2010. Oil is exported via the nearby Transneft pipeline system and about 60-65 percent is sold domestically.